TODAY.AZ / Business

National daily oil output totals 684,100 barrels

17 March 2022 [13:10] - TODAY.AZ

By Azernews

By Ayya Lmahamad

Azerbaijan's daily oil production, including condensate, amounted to 684,100 barrels in February 2022, the Energy Ministry has reported.

Out of the total daily oil production, crude oil amounted to 566,300 barrels and condensate to 117,800 barrels.

The agreement reached during the 24th Ministerial Meeting of OPEC+ envisaged an increase in Azerbaijan's daily crude oil production by 7,000 barrels to 668,000 barrels in February 2022, as well as a commitment to cut output by 50,000 barrels.

Since April 2020, OPEC and non-OPEC countries have agreed to reduce the volume of daily oil production.

Azerbaijan supported the decision to increase daily crude oil output by 400,000 barrels per month from August to December 2021, and to extend the Declaration of Cooperation until late 2022, with partial adjustments to the base level of oil production beginning in May next year, at the 19th Ministerial Meeting of OPEC and non-OPEC countries.

That Declaration of Cooperation envisages increasing Azerbaijan's daily crude oil production volume every month from August to the end of the year while reducing the obligations related to cuts.

Furthermore, from May 2022 to the end of the year, Azerbaijan's oil production obligations will be calculated using the existing base. In other words, Azerbaijan's 718,000 barrels per day of crude oil production in October 2018 will serve as the baseline for determining output levels next year.

URL: http://www.today.az/news/business/217222.html

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